Question

What is the compound interest of $1000 at 12%compounded monthlyfor 2 years​

Answer 1

Answer:

1254.4

Step-by-step explanation:

Answer 2

Answer:

The amount is $1269.74 and the interest is $269.74.

Step-by-step explanation:

STEP 1: To find amount we use formula:

AAAA=1000(1+0.1212)12⋅2=1000⋅1.0124=1000⋅1.269735=1269.74

STEP 2: To find interest we use formula A=P+I, since A=1269.74 and P = 1000 we have:

A1269.74II=P+I=1000+I=1269.74−1000=269.74